COLUMBIA, Md. (May 17, 2010) – To commemorate the funding of its 200thportfolio company, the Maryland Technology Development Corporation (TEDCO), today hosted an event that featured remarks by U.S. Senator Benjamin Cardin and demonstrations by TEDCO’s most innovative portfolio companies. The event was held at American Dynamics Flight Systems(ADFS)in Jessup, Md., which received $75,000from TEDCO’s NAVAIR Technology Insertion (NAVTI) program marking the 200th milestone. More than 125representatives from TEDCO’s portfolio companies, local dignitaries including Howard County Executive Ken Ulman, and business executives attended the event. Over the course of TEDCO’s 12-year history, the organization has provided more than $8.5 million in funding to Maryland businesses through its signature Maryland Technology Transfer and Commercialization Fund (MTTCF), which makes up over 75 percent of TEDCO’s portfolio.
“TEDCO’s has done an outstanding job in making Maryland one of the premier locations for technology-based economic development, bringing high-skilled, high-paying jobs toMaryland,” said U.S. Senator Benjamin L. Cardin. “Today, I join TEDCO as it features its 10 most innovative companies and celebrates the funding of its 200thcompany, American Dynamic Flight Systems.TEDCO understands the importance of nurturing high-tech companies with the capital they need to succeed so that we can ensure good paying jobs for Marylanders.”
“I congratulate TEDCO on this important and significant milestone,” said Governor Martin O’Malley. “TEDCO is a valuable resource which attracts companies to our state and sustains our reputation as a national leader in technology development. We are fortunate to have TEDCO in our backyard and I thank the organization for its role in moving Maryland forward.”
During the event, ADFS was presented with an award to commemorate the company’s TEDCO funding. ADFS develops Unmanned Aircraft Systems (UAS), including its next generation AD-150 which is a maritime aircraft system capable of vertical take-off and landing, and high speed flight. As a result of TEDCO’s funding and support, the company is currently working with NAVAIR and the Patuxent Partnership to assess the viability of its technologies with the U.S. Navy. The event also featured displays and demonstrations by some of TEDCO’s most innovative portfolio companies including Fyodor Biotechnologies, which is developing novel technologies to improve the management of malaria, including a malaria test kit; HeMemics Biotechnologies, Inc., which developed a technology to dehydrate biologics (proteins, cells, etc.) in dried or partially dried format; Spiralcat, which developed a technology that recovers water, energy and third-generation biofuels using harvesting systems; and Oculis Labs, which developed a computer security technology that protects computer screens against eavesdropping.
“Today is a proud day for TEDCO, our portfolio companies and supporters,” said John Wasilisin, acting president and executive director of TEDCO. “This event brought together individuals and organizations that playeda role in TEDCO’s success over the last 12 years. The funding of our 200thcompany provided an opportunity to reflect on our contributions toMaryland’s technology industry and celebrate the accomplishments of our portfolio companies.”
“It’s an honor to be the recipient of TEDCO’s 200thfunding award,” said Wayne Morse, president of ADFS. “TEDCO provides access to exclusive partnerships and resources which are hard to come by. Through this funding, we were able to advance our technology and gain a greater presence in the marketplace, which helped bring ADFS to the next level.”